Fibonacci Studies and the Stock Market

Introduction
Fibonacci numbers were derived from an Italian mathematician Leonardo Pisano. Fibonacci was a mathematician who was born in Italy around the year 1170. It is believed that Mr. Fibonacci discovered the relationship of what are now referred to as Fibonacci numbers while studying the Great Pyramid of Gizeh in Egypt.
What are Fibonacci numbers ?
Fibonacci numbers are a sequence of numbers in which each successive number is the sum of the two previous numbers:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 610, etc.
As per classic technical analysis that certain percentages of the Fibonacci Sequence (after the first several numbers) identified that the ratio of any number to the next was approximately 0.618% and the next lower number was 1.618%.Active Traders and investors used these numbers in their trading and provide exceptional turning points within the market.
There are three popular Fibonacci studies:

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